Plastiq?

Hi all,

Super new to this all. I signed up for Plastiq in hopes of paying off a personal loan with a credit card with OneMain Financial who told me they don't take cc payments, only checking account/debit card payments. I have to hit a 4k spend in 3 months and I owe 4k, so it's perfect (as I was going to just pay it in cash anyhow in April), but for my life I can't understand how Plastiq works. It says I need the recipients wire information or bank/routing information or address to mail a personal check. For OneMain, how does that work? I can't seem to comprehend how it will then be 'tagged' to my account if I say, sent a check or wired money. Like I envision it goes to the (very large) bank, and then what? How is my account paid off then? Ack, sorry this is such a newb question.

Re: Plastiq?

Super new to this all. I signed up for Plastiq in hopes of paying off a personal loan with a credit card with OneMain Financial who told me they don't take cc payments, only checking account/debit card payments. I have to hit a 4k spend in 3 months and I owe 4k, so it's perfect (as I was going to just pay it in cash anyhow in April), but for my life I can't understand how Plastiq works. It says I need the recipients wire information or bank/routing information or address to mail a personal check. For OneMain, how does that work? I can't seem to comprehend how it will then be 'tagged' to my account if I say, sent a check or wired money. Like I envision it goes to the (very large) bank, and then what? How is my account paid off then? Ack, sorry this is such a newb question.

It would be "tagged" to your account by providing plastiq with your loan account number

Scores hover around 800Haven't been AZEO in over a yearRome was not built in a day, neither is a good credit profile

Re: Plastiq?

Follow up to my own question - can I even pay a personal loan with Plastiq? I can't figure it out as I go through the steps of 'sending a check' - basically I'm trying to hit a sub for 4k and owe 4k. I was going to pay in full in cash next month so instead will pay off the card but can't figure out if this is possible. I know no debt with debt but I thought Plastiq circumvented that.

Re: Plastiq?

Follow up to my own question - can I even pay a personal loan with Plastiq? I can't figure it out as I go through the steps of 'sending a check' - basically I'm trying to hit a sub for 4k and owe 4k. I was going to pay in full in cash next month so instead will pay off the card but can't figure out if this is possible. I know no debt with debt but I thought Plastiq circumvented that.

I've used Plastiq for a couple years now - I pay my mortgage monthly payment, and that is clearly paying a loan with a credit card through Plastiq. I recommend having Plastiq mail a check to One Main, there's places in the check where you can enter your One Main loan # to ensure it is credited correctly, and make sure the mailing address you use is for One Main to accept payments.

BUT you need to be very careful using a Plastiq payment to meet your 4k spend requirement to get the bonus on your new credit card. Credit card companies watch carefully for "manufactured spend" (MS) on the spend requirement to get a sign-up bonus on new cards. MS typically involves buying gift cards to meet spend requirements, and issuers like American Express closely scrutinize this. I of course have no idea if your CC issuer will consider a Plastiq payment as MS and not qualifying for your 4k spend requirement, but a $4,000 charge on a fairly new card will certainly be reviewed. And Plastiq usually charges a 2.5% fee for payments made by credit cards, so this will cost you $100 to have Plastiq send a $4k payment, cutting into you credit card bonus.

Re: Plastiq?

Thank you for the tip. I'll consider both - I could pay it in increments also.

When using Plastiq, it asks for the category of service - which do you normally select? ie clubs and memberships, cars/boats/trains, insurance, business purchases/franchise fees, commerical rent etc. i'm not sure where personal loans would fall. and would a mis-category end in any kind of rejection?

Re: Plastiq?

I don't think Plastiq will necessarily reject a payment for chosing an incorrect category for a payment, that's more for them to choose which merchant category to use to code the purchase to the credit card. Try Professional Services, when I've used a credit card to fund a new bank account that's how it often codes.

Re: Plastiq?

I've used my AAdvantage MC to make my car payment several times, once you register the card info then you can pay whoever by selecting "send check" option. Just make sure to do this at least 8 days prior to the due date.

The other method would be to find out One Main's routing number, then just enter your acct number etc.

I just find the check option much easier. And yes you should keep in mind that some CCC 's can/will reject certain payment types.

All FICO® Score products made available on myFICO.com include a FICO® Score 8, and may include additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Scores and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.

PRIVACY NOTICE: When you visit this website we collect your browsing activities on our site and use that information to analyze and research improvements to the website, and to our products and services. When you register for our products and services, we also collect certain personal information from you for identification purposes, such as your name, address, email address, telephone number, social security number, IP address, and date of birth. Further information is available in our FICO Data Privacy Policy. For visitors with visual disabilities, access to this website, including our FICO Data Privacy Policy, is available through assistive technologies, such as BrowseAloud, JAWS, VoiceOver, Narrator, ChromeVox, and Window-Eyes. More details on software and accessibility are available at WebAIM.org.